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Myths About Bankruptcy

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Here we are studying about the provisions and myths about bankruptcy under Pleva law. This practice has helped many debtors to come out from their financial liabilities.

First Myth-Bankruptcy is too Costy

Most debtors get terrified at the thought of declaring themselves as bankrupts. They feel that bankruptcy might be very much costly or expensive. For this reason, they avoid filing for bankruptcy. If they file for such condition then it won’t cost them more than $300. If they hire a lawyer dealing in bankruptcy then it may cost them just upto $1500. If any debtor files a bankruptcy case then he won’t need to pay more than $3500. These are minimal expenses for borrowers who need help from Pleva law. Once debtors pay off their debts by provisions of chapter 13 of Pleva law then they may enjoy peace of mind.

Second Myth-Debtors are Bad Persons

Some people may feel that debtors are bad persons. They may face failure in their life due to loss of job, unable to pay monthly bills and cases of divorce. For such people bankruptcy acts as a protective net. It helps borrowers to pay off their bills at ease through the compassionate behavior of the law. It has been seen that each year millions of debtors file case of bankruptcy. Yet we cannot treat them as losers in their life. These people complete the process of filing a bankruptcy and become respected members of the society once again. It should be noted that people filing cases of bankruptcy are not frauds or defaulters. They are those persons who have been compelled by reverse circumstances in life.

Third Myth-Declaring Bankruptcy in Public is same like Filing a Bankruptcy

Under this practice, you may have seen that many people declare about their bankruptcy in public places. Yet declaring is very different from filing a case of bankruptcy. Unless you go through all legal provisions you won’t get to be known as a bankrupt. It should be noted that no representation is made that the quality of legal services to be performed is greater than the quality of legal services to be performed by other lawyers.

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